ICICI to launch Net trading

BANGALORE: The ICICI Ltd's Internet venture icicidirect.com on has announced the launch of its web-based paperless trading services called "elinvest", that would allow customers seamless electronic trading on the exchanges. 

The ICICI said live trading is expected to begin by February 28, by which time the regulatory guidelines are likely to be in place and statutory approvals would have been obtained. Every customer, resident as well as non-resident, opening an elinvest account will get a free demand account and a free online banking account. The customer will be able to tie in his trading bank account and demat account to the elinvest account electronically and when the customer punches in a trade on his computer, the icicidirect server will check the balance in his bank and demand accounts and will execute the trade on the exchange. 

ICICI said icicidirect.com will keep track of all transactions, settlement dates and stock exchange rules. For those who do not have an independent access to the Net, ICICI centres would provide the access. In the first phase, there will be 12 centres, and will slowly expand to other cities in the country.